Coastal Financial (NASDAQ:CCB) CEO Sells $475,520.00 in Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 4,000 shares of the stock in a transaction on Friday, January 9th. The shares were sold at an average price of $118.88, for a total value of $475,520.00. Following the completion of the transaction, the chief executive officer directly owned 178,884 shares in the company, valued at approximately $21,265,729.92. This trade represents a 2.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Coastal Financial Trading Down 0.0%

NASDAQ:CCB traded down $0.02 during mid-day trading on Tuesday, hitting $110.39. The company had a trading volume of 131,975 shares, compared to its average volume of 99,872. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The firm has a market cap of $1.67 billion, a P/E ratio of 34.93 and a beta of 0.89. The business’s fifty day moving average is $111.72 and its two-hundred day moving average is $108.06. Coastal Financial Corporation has a fifty-two week low of $76.11 and a fifty-two week high of $120.05.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The firm had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. As a group, research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Hedge Funds Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. D.A. Davidson & CO. acquired a new position in Coastal Financial during the third quarter worth approximately $13,580,000. Peregrine Capital Management LLC increased its holdings in shares of Coastal Financial by 25.0% during the 2nd quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company’s stock worth $13,629,000 after acquiring an additional 28,099 shares during the last quarter. Azora Capital LP raised its stake in Coastal Financial by 26.4% in the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after acquiring an additional 156,956 shares during the period. SG Americas Securities LLC boosted its position in Coastal Financial by 69.1% during the second quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock worth $1,040,000 after purchasing an additional 4,391 shares during the period. Finally, Advisors Capital Management LLC raised its position in shares of Coastal Financial by 1.3% in the second quarter. Advisors Capital Management LLC now owns 141,658 shares of the company’s stock valued at $13,722,000 after purchasing an additional 1,763 shares during the period. 59.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on CCB shares. Zacks Research upgraded Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. UBS Group set a $155.00 price objective on Coastal Financial in a report on Friday, December 5th. TD Cowen increased their target price on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. Finally, Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $125.17.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.